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24.08.2011 08:51

Asian session review: Yen gains as Noda’s action disappoints

Data released:
00:00  Australia Conference Board Australia Leading Index (Jun)     -0.8%        -0.1%

The yen advanced after traders weren't inspired by Finance Minister Yoshihiko Noda’s announcement of a $100 billion package designed to cope with persistent strength in Japan’s currency.
The yen erased an earlier drop against the dollar as Noda said currency reserves will be released to a state export credit agency to help overseas investment.
The Ministry of Finance will bolster monitoring of the currency market, requiring major financial institutions to disclose trading positions, Noda also said.
"Today’s announcement is unlikely to have much impact on the exchange rate", said Mitul Kotecha at Credit Agricole CIB.
Japan’s currency rose even as Moody’s Investors Service cut the nation’s credit rating.

EUR/USD tested $1.4436 in recovering from overnight lows on $1.4390. But it failed to hold above and retreated to earlier lows. But later rate rose to a new session high on $1.4450.
GBP/USD holds within the range, limited by $1.6470/$1.6515.
USD/JPY fell from Y76.90 to Y76.50.

Later EU Industrial New Orders come at 09:00 GMT.

US data include Durable goods orders at 12:30 GMT, followed by US Housing Price Index at 14:00 GMT.

Later investors will be looking for an oil stocks data from EIA at 14:30 GMT.

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